U.S. Congressman Demands Hostage Status for Binance Exec Imprisoned in Nigeria

Representative Rich McCormick has introduced a resolution to Congress, urging lawmakers to declare Binance executive Tigran Gambaryan, imprisoned in Nigeria.

Tigran Gambaryan, a Binance employee, has been in Nigerian authorities custody since February 2024, with his detention extended until May 17 pending a bail decision. He faces charges of tax evasion and crypto money laundering by Nigeria’s Economic and Financial Crimes Commission body. British-Kenyan Nadeem Anjarwalla, also a Binance executive, escaped Nigerian custody in March 2024, straining relations between Binance and Nigerian authorities.

On 12 July 2024, Representative Rich McCormick introduced a resolution to Congress, urging lawmakers to declare Binance executive Tigran Gambaryan. 

McCormick accused the Nigerian government of wrongful detention and extortion. He also called for the US administration to officially recognize Gambaryan as a hostage and take necessary measures to free him before mid-July, as the Nigerian court will be on break from mid-July to September. 

Rep. French Hill, who visited Tigran Gambaryan in prison on June 20, is cosponsoring McCormick’s resolution. The move follows a request from over 100 federal prosecutors and agents in June, urging the State Department to intervene and secure Gambaryan’s release.

Former Binance CEO in jail 

Changpeng Zhao (CZ), the former CEO of Binance, was sentenced to four months in prison for money laundering violations. 

He pled guilty in November 2023 and agreed to pay a $50 million fine while stepping down as CEO. Zhao is expected to be released by the end of August 2024.

It seems that Binance is currently going through a very critical phase, but it may ultimately lead to a better future for the Binance crypto empire.

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